Mongolia and China look to strengthen trade and economic ties

On May 5, Minister of Commerce of China Gao Hucheng started his official visit to Mongolia. He met with Minister of Foreign Affairs L.Purevsuren to exchange views on advancing trade and economic relations and cooperation between the two countries.

During the meeting, the sides talked about negotiating on taking out one billion USD in concessional loans from the Government of China. Minister Purevsuren said that the Cabinet is planning to spend the money on projects in the infrastructure, energy, and agriculture sectors.

The sides agreed to make changes to the negotiated agreement between Mongolia and China on border policies and procedures in the near future, and agreed to organize a “Made in Mongolia” exhibition in China to promote Mongolian brands. Ministers Gao and L.Purevsuren also chaired the 14th intergovernmental meeting on trade, economy, science and technical cooperation yesterday.

Minister L.Purevsuren underlined, “Economic conditions are not good all over the world. However, as we stated in the mid-term program for developing trade cooperation between the two countries, we set a goal to increase trade turnover between the two nations to ten billion USD. Mongolia is ready to work toward fulfilling our goal.”

In response, Minister Gao said, “The intergovernmental meeting on trade, economy, science, and technical cooperation is of a great importance. In August 2014, President Xi Jinping paid an official visit to Mongolia. During the visit, Mongolia and China agreed to advance its collaboration to strategic partnership cooperation. In the past few years, trade and economic cooperation between the two countries have been consistently expanding. We are ready to provide our sincere support for Mongolia’s development. We are ready to contribute to the relations of the two countries and implement the negotiations agreed upon by our state heads.”

The UB Post was first founded in 1996, and has since become Mongolia’s leading English-language news outlet. As part of the broader Mongol News group, the UB Post provides comprehensive coverage of social, economic and political developments in Mongolia and elsewhere.